The duo will be offering institutional support for Bitcoin and Ethereum cryptocurrencies.
Clearstream and Crypto Finance are working to provide a new cryptocurrency custody offering for institutional investors, officials say.
Clearstream, a post-trade services provider, will be using Crypto Finance as a sub-custodian offering settlement and custody services in crypto assets to institutional investors, officials say. Both companies are part of Deutsche Börse Group.
“The offering is expected to be launched in April this year. In January, Crypto Finance laid the groundwork by obtaining the MiCAR [Markets in Crypto-Assets Regulation] license, enabling the company to serve clients across Europe while solidifying its regulatory compliance and leadership in the industry,” according to the announcement.
“We are now not only covering native services via direct interface but also leverage traditional rails that are implemented with most financial market participants, meaning a very convenient offering to any financial institution who wishes to enter the crypto industry,” says Stijn Vander Straeten, CEO of Crypto Finance Group, in a statement.
Clients of Clearstream’s International Central Securities Depository (ICSD) “can use their existing accounts in Clearstream Banking S.A. (Luxembourg, CBL) to access cryptocurrency custody and settlement,” say officials adding that clients can use their Swift connectivity “Furthermore, no additional direct contractual, technical and functional relationship with cryptocurrency service providers is required.”
Bitcoin, represented with ISIN XTV15WLZJMF0, and Ethereum, represented with ISIN XTD5RG2FHH04, are the first crypto assets in scope of Clearstream’s offering, officials say. Other cryptocurrencies will be considered depending on client demand.
Clearstream operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market, officials say.
Crypto Finance Group offers professional digital asset solutions to institutional clients and consists of Crypto Finance AG, regulated by FINMA in Switzerland, which offers trading, custody, and wallet services; Crypto Finance (Deutschland) GmbH, regulated by BaFin in Germany, which offers trading and custody; and Crypto Finance AG, a SIX-approved crypto custodian for ETP issuers.
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